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That's absolutely correct (although there's also the additional penalty to the end-game scoring if you do that thing). You can always choose to default on a bank loan and lose all of your items. Since Finn doesn't have to discard items, he gets to keep everything. Basically, the Bank comes a-knockin' and all of his stuff is stashed away. It seems to me like ...

From page 9 of the Innsmouth Horror rulebook:
Remember, leave visage tokens faceup after revealing them
unless either Ghatanothoa’s face is revealed or there are
four visage tokens faceup after revealing the new token.
So while it doesn't explicitly tell you to turn them facedown and shuffle them, I'd say it's clear enough. So yes, no freebie ...